百融云(06608) - 2025 - 中期业绩

Company Overview This section provides an overview of the company's interim results, financial highlights, operational achievements, and strategic market positioning Announcement Information This announcement presents Bairong Inc.'s unaudited interim results for the six months ended June 30, 2025, which have been reviewed by the company's audit committee - This announcement presents Bairong Inc.'s unaudited interim results for the six months ended June 30, 2025, reviewed by the company's audit committee[2] Financial Highlights The company sustained and strengthened its growth momentum during the reporting period, achieving significant increases in revenue and profit, with healthy non-IFRS profit and margin levels demonstrating sustained profitability Financial Highlights for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,611,797 | 1,321,348 | 22 | | MaaS | 501,941 | 421,352 | 19 | | BaaS | 1,109,856 | 899,996 | 23 | | BaaS – Financial Industry Cloud | 856,957 | 589,473 | 45 | | BaaS – Insurance Industry Cloud | 252,899 | 310,523 | (19) | | Gross Profit | 1,182,428 | 967,155 | 22 | | Operating Profit | 200,894 | 156,832 | 28 | | Profit for the Period | 201,224 | 142,833 | 41 | | Non-IFRS Profit | 254,449 | 197,479 | 29 | | Non-IFRS EBITDA | 282,539 | 243,481 | 16 | - In the first half of 2025, the company's revenue reached RMB 1,611.80 million, a 22% year-on-year increase; non-IFRS profit was RMB 254.45 million, with a non-IFRS profit margin maintained at 16%, a 1 percentage point increase year-on-year[4] Operational Highlights The company made significant progress in AI R&D and commercialization, launching the CybotStar enterprise-grade intelligent agent platform, deploying large models and multi-emotional speech synthesis, strengthening AI infrastructure, and embedding AI capabilities into high-potential sectors - Successfully launched the CybotStar enterprise-grade intelligent agent platform, optimizing customer experience and interaction, with agreements signed with multiple institutions[5] - Pioneered the large-scale production deployment of proactive large models and multi-emotional speech synthesis models, implementing the GRPO reinforcement learning framework to significantly enhance model iteration efficiency[5] - The first phase of the Gaodian computer room was completed and put into operation, with a self-developed heterogeneous computing cluster launched, fully compatible with various GPUs, laying the foundation for large-scale multi-scenario deployment[5] - Leveraging VoiceGPT and the CybotStar platform, AI capabilities are deeply embedded into high-potential sectors such as telecommunications, healthcare, and large retail, providing AIGC application services[6] Operational Review As a continuously profitable AI cloud service provider, the company serves over 8,000 institutional clients in China, offering full-chain solutions using generative and decisive AI, benefiting from China's digitalization and AI policy dividends to solidify its industry-leading position Business Model and Technological Advantages - The company is a continuously profitable AI cloud service provider, serving over 8,000 institutional clients in China, including most state-owned banks, joint-stock banks, and regional banks[7] - Utilizes generative AI, decisive AI, big data, machine learning, and cloud computing to provide full-chain products and solutions covering intelligent customer acquisition, risk control, operations, and user relationship management[7] - Focuses on AI application development rather than infrastructure construction, ensuring successful commercialization of AIGC applications[7] - As of June 30, 2025, the company obtained 461 patents and software copyrights, covering key areas such as artificial intelligence, machine learning, and privacy computing[10] Market Environment and Strategic Opportunities - Benefited from the warming policy and industry environment for digitalization and artificial intelligence, including the "Digital China Construction 2025 Action Plan," the formation of industry standards, and the release of B-side demand[9] - 2025 is widely defined by the industry as the "Year of the Agent," and the company will continue to benefit from strategic opportunities in "Data Elements ×" and "AI + hundreds of industries"[9] Business Performance Model-as-a-Service (MaaS) Business The MaaS business assists institutions in intelligent decision-making by outputting models, leveraging the company's over ten years of user profiling assets and cloud platform advantages, achieving a 19% year-on-year revenue growth and a high core client retention rate of 98%, demonstrating robust profitability MaaS Business Introduction - MaaS business assists institutions in intelligent decision-making by outputting models and evaluation results, with core advantages in over ten years of user profiling assets and an accumulation of over 8,000 clients[13] - The MaaS cloud platform is secure and reliable, with stability as high as 99.999%, providing over 300 million various query requests daily[13] - The business model involves charging service fees or annual fees based on query volume, allowing for rapid cost dilution and substantial profits as scale expands[13] MaaS Key Metrics MaaS Key Metrics (for the Six Months Ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | MaaS Revenue | 501,941 | 421,352 | 19 | | Core Client Revenue | 380,534 | 329,398 | 16 | | Number of Core Clients | 167 | 165 | 1 | | Average Revenue per Core Client | 2,279 | 1,996 | 14 | | Core Client Retention Rate | 98% | 96% | 2pp | - MaaS business revenue increased 19% year-on-year to RMB 501.94 million, with 167 core clients and a core client retention rate of 98%[14] Business-as-a-Service (BaaS) Business The BaaS business, based on generative AI technology, assists institutions with intelligent marketing and operations through products like AI VoiceGPT, adopting performance-driven pricing and achieving commercial breakthroughs in financial and general industry sectors, with strong growth in Financial Industry Cloud revenue and resilience in Insurance Industry Cloud BaaS Business Introduction - BaaS business, based on generative AI technology, assists institutions in intelligent marketing and operations through self-developed AI VoiceGPT, enhancing asset operation efficiency in credit, wealth management, insurance, and internet technology industries[18] - AI VoiceGPT can simulate human voices for smooth multi-round conversations, with semantic understanding accuracy exceeding 99%[18] - BaaS business adopts a performance-driven pricing structure, charging technical service fees or commissions based on the scale of transactions facilitated, without upfront fees, and is responsible for clients' ultimate performance KPIs[18] BaaS Financial Industry Cloud BaaS Financial Industry Cloud leverages AIGC and decisive AI to provide integrated full-process services for financial institutions, achieving innovative applications in green finance and education, with a 45% year-on-year revenue growth, demonstrating strong market expansion capabilities Financial Industry Cloud Business Details - BaaS Financial Industry Cloud utilizes AIGC to efficiently acquire new users and operate existing ones, helping banks, consumer finance, internet finance, securities, and wealth management institutions revitalize assets[19] - The self-developed large language model BR-LLM officially passed large model备案, and based on this, innovative products such as the CybotStar enterprise-grade intelligent agent platform, digital humans, and VoiceGPT intelligent voice were launched[20] - In the financial sector, a one-stop green finance solution was created, applying machine learning, OCR, NLP, and the BR-LLM large model to build an intelligent system for banks covering ten scenarios, including green certification and ESG evaluation[20] - In the education sector, a mental health assessment integrated machine was launched, providing innovative mental health services through the ultra-realistic digital human "Little Wukong," enhancing the efficiency and coverage of school mental health work[21] BaaS - Financial Industry Cloud Key Metrics BaaS Financial Industry Cloud Key Metrics (for the Six Months Ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | BaaS – Financial Industry Cloud Revenue | 856,957 | 589,473 | 45 | - BaaS Financial Industry Cloud revenue was RMB 856.96 million, a 45% year-on-year increase[21] BaaS Insurance Industry Cloud BaaS Insurance Industry Cloud empowers thousands of insurance agents through the Riyue Baobox application, demonstrating resilience in a challenging economic and operational environment, enhancing efficiency with AI technology, achieving a 9% year-on-year increase in premium transactions, despite a 19% year-on-year revenue decrease Insurance Industry Cloud Business Details - Insurance Industry Cloud empowers thousands of insurance agents through the Riyue Baobox application, providing tools for user management, talent management, and automated signing processes[24] - Utilizes decisive AI for customer insights, generative AI for precise insurance product recommendations, and an offline agent team for high-value policy user retention[24] - Actively responds to more prudent industry regulations, enhancing business efficiency and customer experience through AI technology, reducing costs, and adapting to the "reporting and execution alignment" policy requirements[24] BaaS - Insurance Industry Cloud Key Metrics BaaS Insurance Industry Cloud Key Metrics (for the Six Months Ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | BaaS – Insurance Industry Cloud Revenue | 252,899 | 310,523 | (19) | | First-Year Premium Income | 203,963 | 254,658 | (20) | | First-Year Premiums | 2,006,151 | 1,904,544 | 5 | | Renewal Premium Income | 48,936 | 55,865 | (12) | | Renewal Premiums | 1,112,639 | 968,119 | 15 | - BaaS Insurance Industry Cloud revenue decreased 19% year-on-year to RMB 252.90 million, but transaction premiums increased 9% year-on-year to RMB 3,118.79 million, with a life insurance premium persistency rate exceeding 90%[25] Future Outlook and Strategy Macroeconomic Assessment and AI Strategy The company assesses a resilient macroeconomic environment, with the explosion of generative AI creating new opportunities across industries, and prioritizes "fully embracing AI" as its top strategic goal, focusing resources on iterating generative and decisive AI to accelerate the closed-loop from laboratory to large-scale commercialization - Macroeconomic assessment indicates economic resilience, with the explosion of generative AI opening up incremental opportunities across industries, supported by national policies for AI development[28] - The company prioritizes "fully embracing AI" as its top strategic goal, concentrating resources on iterating generative and decisive AI, and accelerating the closed-loop from laboratory to large-scale commercialization[28] R&D Strategy The R&D strategy focuses on continuously attracting top algorithm scientists and engineering talent, while simultaneously refining NLP, AutoML, privacy computing, and AI Agent collaboration frameworks, with a key emphasis on enhancing voice robot multilingual coverage, emotional recognition, and multi-agent collaboration capabilities to solidify its position in the industry's top tier - Continuously attracts top algorithm scientists and engineering talent, complemented by internal "AI training camps" to enhance overall AI density[28] - Simultaneously refines NLP, AutoML, privacy computing, and AI Agent collaboration frameworks, with a key focus on enhancing voice robot multilingual coverage, emotional recognition, and multi-agent collaboration capabilities[28] Business Strategy The business strategy aims to deeply cultivate financial scenarios such as wealth management and securities, while horizontally accelerating the export of "model + scenario" integrated solutions to non-financial sectors like healthcare, education, and retail, and, while strictly adhering to privacy and data security, connecting supply and demand to form a positive flywheel of technological capability, experience accumulation, commercialization, and technology feedback - Continues to deeply cultivate financial scenarios such as wealth management and securities, using AI to drive refined operations and risk control[28] - Accelerates the export of "model + scenario" integrated solutions to non-financial sectors such as healthcare, education, retail, and recruitment, helping B-side clients reduce costs and increase efficiency, and C-side users receive more precise service matching[28] - While strictly adhering to privacy and data security, connects supply and demand to form a positive flywheel of "technological capability → experience accumulation → commercialization → technology feedback"[28] Financial Analysis Consolidated Income Statement Analysis During the reporting period, the company's total revenue and gross profit both increased by 22%, while R&D, sales, and marketing expenses significantly rose due to AI investments and market promotion, ultimately leading to a 41% year-on-year increase in profit for the period, demonstrating strong profitability Revenue Analysis - Total revenue increased 22% year-on-year to RMB 1,611.80 million, primarily driven by enhanced product and service capabilities and macroeconomic recovery[31] - MaaS revenue increased 19% year-on-year to RMB 501.94 million, mainly due to expanded application areas and optimized AI algorithms[31] - BaaS Financial Industry Cloud revenue increased 45% year-on-year to RMB 856.96 million, primarily due to strong credit demand, improved operational efficiency, and enhanced generative AI capabilities[31] - BaaS Insurance Industry Cloud revenue decreased 19% year-on-year to RMB 252.90 million, but premiums continued to grow despite declining product pre-set interest rates[32] Cost of Sales and Gross Profit - Cost of sales increased 21% year-on-year to RMB 429.37 million, consistent with business scale growth[33] - Gross profit increased 22% year-on-year to RMB 1,182.43 million, with gross margin remaining stable at 73%[34] Expense Analysis - R&D expenses increased 33% year-on-year to RMB 301.54 million, primarily due to increased company investment in AI, with its proportion of revenue rising by 2 percentage points to 19%[35] - General and administrative expenses remained stable year-on-year at RMB 140.21 million[36] - Sales and marketing expenses increased 20% year-on-year to RMB 606.28 million, primarily for efficient acquisition of new users, improved conversion efficiency, and brand promotion[37] Other Income and Profit for the Period - Other net income increased 15% year-on-year to RMB 83.75 million, mainly due to increased net gain from disposal of a subsidiary, partially offset by exchange losses[38] - Profit for the period increased 41% year-on-year to RMB 201.22 million[39] Non-IFRS Measures The company uses non-IFRS profit and EBITDA as supplementary financial indicators to better reflect core operating performance, with non-IFRS profit increasing by 29% and non-IFRS EBITDA by 16% year-on-year during the reporting period - The company uses non-IFRS profit and EBITDA as supplementary measures to eliminate the impact of non-indicative items such as share-based payments, facilitating comparison of operating performance[40] Reconciliation of Non-IFRS Measures (for the Six Months Ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the Period | 201,224 | 142,833 | 41 | | Add: Share-based Payments | 53,225 | 54,646 | (3) | | Non-IFRS Profit for the Period | 254,449 | 197,479 | 29 | | Non-IFRS Profit Margin | 16% | 15% | 1pp | | EBITDA | 229,314 | 188,835 | 21 | | Add: Share-based Payments | 53,225 | 54,646 | (3) | | Non-IFRS EBITDA | 282,539 | 243,481 | 16 | | Non-IFRS EBITDA Margin | 18% | 18% | 0pp | Consolidated Statement of Financial Position Analysis As of June 30, 2025, the company maintained ample cash and cash equivalents and cash reserves, with the gearing ratio significantly decreasing to 0.15, indicating a healthy financial structure and liquidity Liquidity, Financing, and Borrowing Sources - As of June 30, 2025, cash and cash equivalents were RMB 833.52 million, and cash reserves were RMB 2,895.78 million, maintaining ample liquidity[43] Gearing Ratio - As of June 30, 2025, the gearing ratio was 0.15, a decrease from 0.21 as of December 31, 2024[48] Condensed Consolidated Cash Flow Statement During the reporting period, cash flow from operating activities turned positive, cash outflow from investing activities decreased, and cash outflow from financing activities also significantly reduced, resulting in a net increase in cash and cash equivalents Condensed Consolidated Cash Flow Statement (for the Six Months Ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash from/(used in) Operating Activities | 150,740 | (126,671) | | Net Cash (used in)/from Investing Activities | (37,348) | 17,701 | | Net Cash used in Financing Activities | (53,885) | (176,599) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 59,507 | (285,569) | | Cash and Cash Equivalents at End of Period | 833,518 | 627,190 | Corporate Governance and Other Information Employees and Remuneration As of June 30, 2025, the company had 1,481 employees, with R&D personnel accounting for 57%, and total staff costs increased by 17.4% year-on-year, with employee incentives provided through share schemes - As of June 30, 2025, the Group had 1,481 employees, with R&D personnel accounting for 57%[52] - For the six months ended June 30, 2025, total staff costs were RMB 495.39 million, an increase of 17.4% from RMB 421.78 million in the same period last year[52] - The company adopted the 2024 Share Scheme and Restricted Share Unit Scheme to incentivize employees[52] Corporate Governance The company is committed to high standards of corporate governance and complies with the Corporate Governance Code, though the roles of Chairman and Chief Executive Officer are combined, which the Board believes enhances strategic planning and decision-making efficiency - The company complies with the Corporate Governance Code, but the roles of Chairman and Chief Executive Officer are combined and held by Mr. Zhang Shaofeng, which the Board believes facilitates consistent leadership and efficient strategic planning[54] Securities Transactions and Committees The company complies with the standard code for directors' securities transactions and has an Audit Committee, Nomination Committee, Remuneration Committee, and Corporate Governance Committee, with the Audit Committee having reviewed the interim financial information. During the reporting period, the company repurchased 3,274,500 Class B shares to enhance shareholder value - The company has adopted a policy on securities dealing, and directors and relevant employees confirmed compliance with the code during the reporting period[55] - The Audit Committee, comprising three independent non-executive directors, reviewed the interim financial information and met with the independent auditor[56][57] - For the six months ended June 30, 2025, the company repurchased a total of 3,274,500 Class B shares on the Stock Exchange for a total consideration of approximately HK$25.78 million, to enhance long-term shareholder value[59] Use of Proceeds from Global Offering The company has utilized the net proceeds from its global offering for business expansion, R&D investments, strategic investments, and working capital, and has extended the utilization timetable for R&D investments and working capital to the end of 2026 - The net proceeds from the global offering, approximately RMB 3,170.39 million, were used for business expansion, R&D investments, strategic investments, and working capital[64][65] Use of Proceeds from Global Offering and Utilization Status (as of June 30, 2025) | Purpose | IPO Proceeds (RMB million) | Proportion (%) | Net Unutilized Proceeds as of Jan 1, 2025 (RMB million) | Proceeds Utilized During Reporting Period (RMB million) | Unutilized Proceeds as of June 30, 2025 (RMB million) | Estimated Timetable for Full Utilization of Unutilized IPO Proceeds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Funding Business Expansion | 1,426.68 | 45 | – | – | – | Not Applicable | | Increasing R&D Investment | 951.12 | 30 | 252.32 | 182.05 | 70.27 | Before December 31, 2026 | | Strategic Investments and Acquisitions | 475.56 | 15 | – | – | – | Not Applicable | | Working Capital and General Corporate Purposes | 317.03 | 10 | 184.31 | 72.54 | 111.77 | Before December 31, 2026 | | Total | 3,170.39 | 100 | 436.63 | 254.59 | 182.04 | | - The estimated utilization timetable for R&D investments and working capital has been extended from the end of 2024 to the end of 2026[65] Other Significant Matters During the reporting period, the company did not undertake any material investments, acquisitions, or disposals, had no pledged assets, material contingent liabilities, or capital commitments, was not involved in any material litigation, and the Board did not recommend an interim dividend Material Investments, Acquisitions, and Disposals - For the six months ended June 30, 2025, the Group did not undertake or hold any material investments, nor were there any material acquisitions or disposals of subsidiaries, consolidated affiliated entities, or associates[44][45] Pledged Assets and Contingent Liabilities - As of June 30, 2025, the Group had no pledged assets, nor any material contingent liabilities or capital commitments[46][50][51] Material Litigation and Dividends - For the six months ended June 30, 2025, the company was not involved in any material litigation or arbitration[62] - The Board did not recommend the payment of an interim dividend for the six months ended June 30, 2025[63] Events After Reporting Period - Other than those disclosed in this announcement, there were no other significant events after the reporting period that could affect the Group[66] Notes to Financial Statements Basis of Preparation and Accounting Policies This interim financial report is prepared in accordance with the HKEX Listing Rules and IAS 34, reviewed by KPMG, with no material impact from accounting policy changes on the financial position - This interim financial report is prepared in accordance with the HKEX Listing Rules and IAS 34 "Interim Financial Reporting," and has been approved and authorized for issue by the Board[73] - KPMG has reviewed this interim financial report in accordance with Hong Kong Standard on Review Engagements 2410 issued by the Hong Kong Institute of Certified Public Accountants[73] - IAS 21 (Revised) "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability" was applied during this accounting period, but it had no material impact on the interim financial report[74] Revenue Breakdown Revenue primarily originates from MaaS and BaaS services, with BaaS Financial Industry Cloud being the largest contributor, and revenue recognition predominantly completed at a point in time Revenue by Category (for the Six Months Ended June 30) | Revenue Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | MaaS | 501,941 | 421,352 | | BaaS – Financial Industry Cloud | 856,957 | 589,473 | | BaaS – Insurance Industry Cloud | 252,899 | 310,523 | | Total | 1,611,797 | 1,321,348 | Revenue from Contracts with Customers Disaggregated by Timing of Revenue Recognition (for the Six Months Ended June 30) | Timing of Recognition | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | At a point in time | 1,007,959 | 751,894 | | Over a period of time | 603,838 | 569,454 | | Total | 1,611,797 | 1,321,348 | Other Income Breakdown Other income primarily includes net gains from financial investments, interest income from time deposits, net gain from disposal of a subsidiary, and government grants, with a significant increase in net gain from disposal of a subsidiary Other Income Breakdown (for the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net gain from financial investments measured at fair value through profit or loss | 23,209 | 22,501 | | Interest income from time deposits | 23,057 | 40,608 | | Net gain from disposal of a subsidiary | 22,858 | – | | Government grants and others | 18,775 | 11,149 | | Foreign currency exchange losses | (4,381) | (1,228) | | Fixed coupon note income | 229 | – | | Total | 83,747 | 73,030 | Profit Before Tax Breakdown Profit before tax is influenced by financial income, financial costs, staff costs, BaaS-related commissions, and depreciation and amortization, with staff costs and BaaS-related expenses being major components Financial Income and Costs (for the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest income from bank deposits | 8,941 | 2,113 | | Interest expense on lease liabilities | (3,242) | (1,757) | | Interest expense on bank loans | – | (1,814) | Staff Costs Breakdown (for the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Salaries, wages and other benefits | 402,752 | 336,998 | | Equity-settled share-based payment expenses | 53,225 | 54,646 | | Contributions to defined contribution retirement plans | 34,679 | 29,024 | | Termination benefits | 4,729 | 1,109 | | Total | 495,385 | 421,777 | Other Items Breakdown (for the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Analytics service costs | 77,807 | 51,569 | | BaaS-related insurance brokerage commissions, operating and marketing expenses | 704,602 | 548,173 | | Depreciation of property, plant and equipment | 14,639 | 12,258 | | Amortization of intangible assets | 638 | 3,639 | | Depreciation of right-of-use assets | 18,338 | 18,023 | | Impairment losses – receivables and others | 11,496 | 3,964 | | Impairment losses – loans | 5,759 | 7,022 | Income Tax Expense During the reporting period, income tax expense primarily consisted of current tax provision for China corporate income tax and changes in deferred tax assets/liabilities Income Tax Expense Breakdown (for the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current tax – Provision for China corporate income tax for the period | 2,170 | 10,868 | | Deferred tax – Change in deferred tax assets/liabilities | (1,996) | (244) | | Total | 174 | 10,624 | Basic and Diluted Earnings Per Share During the reporting period, the net profit attributable to equity holders of the company increased, leading to an improvement in both basic and diluted earnings per share Basic and Diluted Earnings Per Share (for the Six Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net profit attributable to equity holders of the company (RMB thousands) | 190,264 | 139,956 | | Weighted average number of ordinary shares | 442,648,756 | 469,905,966 | | Basic earnings per share attributable to equity holders of the company (RMB) | 0.43 | 0.30 | | Adjustment for share options and share award schemes | 12,494,541 | 12,157,942 | | Weighted average number of ordinary shares for diluted EPS calculation | 455,143,297 | 482,063,908 | | Diluted earnings per share attributable to equity holders of the company (RMB) | 0.42 | 0.29 | Dividends For the periods ended June 30, 2025, and 2024, no dividends were declared by entities within the Group to their owners - For the periods ended June 30, 2025, and 2024, no dividends were declared by entities within the Group to their owners[89] Receivables and Payables Net receivables and payables both increased, with most receivables aged within 3 months and most payables settled within 6 months, indicating healthy short-term solvency Ageing Analysis of Receivables (as of June 30, 2025) | Ageing | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months (inclusive) | 473,016 | 462,846 | | 3 to 6 months (inclusive) | 120,433 | 96,270 | | 6 months to 1 year (inclusive) | 74,027 | 50,804 | | Over 1 year | 13,528 | 7,269 | | Less: Loss allowance | (11,130) | (5,373) | | Net Receivables | 669,874 | 611,816 | Ageing Analysis of Payables (as of June 30, 2025) | Ageing | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 6 months | 233,246 | 246,252 | | 6 months to 1 year | 32,652 | 8,069 | | 1 to 2 years | 2,515 | 2,336 | | Total | 268,413 | 256,657 |